Saunders, Real Estate, Hamptons

17 Comments by mike9186

Group urges taxpayers to reject school expansion

I have not been convinced that the Remsenburg/Speonk school needs expansion. We live without postal delivery and public trash pickup and we get by happily. On Halloween we did not get a single trick-or-treater and I live behind the school!

I see no need for this expansion other than to promote the school board's own ambitions." Dec 10, 08 9:44 PM

Remsenburg And Speonk Taxpayers Will Vote On $5.7 Million School Expansion Project Tuesday

My vote is no

$5.7mm to 'alleviate a set of logistical problems' is not a good enough reason to spend that kind of money. I have been living in Remsenburg for 4 happy years and I can tell you that the 'burg is more a retirement/second home community (largely because of the low taxes) than a family raising one. We pay low taxes and in return receive few public services. That works great for me.

There just aren't that many kids in the area and I do not see that changing anytime soon. There is also very little economic development occurring the area that would necessitate building out the public infrastructure like this.
" Dec 2, 10 3:45 PM

Construction Bond Rejected By Remsenburg-Speonk School District Voters

I am one of those people who owns a house in Remsenburg and can't vote because my primary residence is elsewhere. That said I think that most of the people who own the BMW's and Boats as Double Standard said are also 2nd homeowners and ineligible to vote.

This guilt trip needs to be redirected to the people who vote and not the people who would've been forced to accept the decision without a say in it.
" Dec 8, 10 11:02 AM

Brookhaven Town Board Rejects Eastport Hamlet Centre Plan

When an article leaves the front page of 27east.com it is nearly impossible to re-locate it on the website. I read this last night and wanted to re-read today and had to search the whole website to find it again. This web redesign is not working for me." Feb 4, 11 3:46 PM

Residents Raise Concerns Over Plans For Remsenburg Subdivision

Lawrence III (also of First Hampton Realty) has his placard on the historic property in question and I believe he purchased the undeveloped land. So I assume he is a large part The Estates at Remsenburg LLC. Take a look around at the development he has done in the area and that will give you a good idea of what to expect...assuming he is part of the development of course.

To the commenter of "who cares" I understand your sentiment. One of the best parts of being in Remsenburg is the general Hampton crowd has no idea we even exist. The less outsiders know the happier I am. The last thing I want is for Remsenburg to start looking like the 'real' Hamptons. " Jul 18, 11 9:46 AM

There are a ton of houses for sale in Remsenburg. I cannot understand how he thinks he can make money developing a new neighborhood right now.

What happens next? Are there any more meetings? When does the decision get made?

" Jul 18, 11 2:46 PM

Public Hearing Continues On Remsenburg Subdivision On Thursday

To EastEnd68: Your comment has made me curious. What are your interests, financial or otherwise, in having this project approved?

How are these new houses going to replace the 'old and inefficient' ones that currently exist? Will 17 old houses be bulldozed and replaced by these new green houses? How do you know the houses will be built to top LEED certification status?

Why does this project need to commence fast? What is the rush. There are literally dozens of houses in Remsenburg that have been for sale for years with little to no movement.

Unless someone can make a sound business case for an entire new development I will remain opposed to it.

" Aug 8, 11 10:15 PM

As much as Citarelli might set out to do 'the right thing', economic conditions in the real estate market may force him to alter that pristine course mid-track. Citarelli is not building these houses our of charity, he wants to turn a profit as he should. We will all suffer the consequences if demand for these houses does not match the plan to create them.

Remsenburg has houses for sales at all price levels and there doesn't seem to be a sales sweet spot anywhere along that range. There are also lots of nice houses being built on unsuitable lots that will never sell at the price currently offered. The new house on Cedar Lane and South Country comes to mind. Great house but if you can afford $2mm+ you do not want o be on that intersection. The house on the Corner of Jagger and South Country is another dog that will go for peanuts once the seller breaks.
" Aug 9, 11 4:33 PM

You might want to recall the past decade. The one where the real estate industry and the financial institutions that promoted it nearly drove the global economy off a cliff. The country went down the toilet because of real estate overinvestment.

I am all for business development but creating new housing in an area where it cannot be proven the need exists is not business but potentially dangerous speculation. Investing capital presumes that it will yield a return over the long term. This is a one and done proposition. Once the houses are sold (hopefully for a profit) there is no additional profit to be earned from the initial invested capital.

As I said I am all for business development. I am really happy to see the thriving businesses that have sprung up in the past few years. I am happy about Buoy One, the new Planter's Paradise, the new Trolley Barn. I'd love to see a new business in the mill on Montauk Highway and Mill Road. I'm happy to see Gabreski is being developed. I'd like to see a new car dealership where Manhattan motorcars used to be.

" Aug 9, 11 8:12 PM

Hi Larry. If you read through the thread I think you will find people are being civil. Opinionated yes, but civil. There are no aspersions being cast at you or your company.

I do not agree with the at all with the comments that basically say "If he has the money he can do what he wants!" Really? I can think of a lot of businesses I could afford to fund personally with my own private money (strip club, bail bond office, hardcore biker bar) . Does that give me the permission to build them next to your house?

I do not have exact numbers but how many houses are there in Remsenburg total? 300? If you look at HREO there are 129 listings of houses for sale. If you look at Streeteasy.com there are 98 houses. Granted there are duplicate listings and some houses have may have sold already BUT that we are looking at 25-33% of all the houses in Remsenburg being offered for sale.

How can it possibly make good economic sense to develop one of the last tracts of open land to build more houses? I keep mentioning this an no one seems to be able to make a case. I am all ears Larry if you can prove me wrong.

" Aug 10, 11 1:58 PM

Remsenburg Residents Remain Divided Over Proposed Subdivision

Who here attended the meeting? I was not able to go but I would have liked to. From reading this article it sounds like the development has been approved and the only decision is where to put the entrance.

I hope I am wrong. I've posted numerous times and no one can make a case for why more housing is needed in Remsenburg.

" Aug 12, 11 2:30 PM

Experts Urge Residents To Remember Pets During Hurricane

.....News You Can Use! Thanks for the hot tips!

Maybe you should also recommend people bringing along young children and elderly relatives...
" Aug 25, 11 8:11 PM

Developer Seeks Change To Westhampton Beach Zoning Code To Allow For New Supermarket

It bums me out to see how WHB govt handles commercial zoning. The North Mall fiasco means we get to live with an 80's era strip mall. Lack of grocery competition means we get a shabby, small Waldbaums forever more. The main corner of Montauk Highway and Old Riverhead is essentially the "Welcome" corner to the town and it is a dump w2 OOB places flanking the intersection.

WHB is a decaying town and the local Govt is completely blind to the situation.

" Jan 10, 12 11:55 AM

I totally agree there is a vast amount of vacant commercial real estate in the area and it seems to be getting worse. My big fear is that the lack of govt support is creating a snowball effect where we will see a continual closing of businesses and a shrinking of the customer base. This leads to people wanting to leave the area altogether.

The Chevy Dealership
The high end car dealership/Annona
The old Bob Stevens building
The old Surf Club
The Bowling Alley
The Club across from Baby Moon (I can't remember the name)
A high % of the spaces in the North Mall
The gas station and the restaurant on the corner of Montauk and ORR

**Kudos to Buoy One for being the lone shining example of starting a new successful venture in the area***

The local govt and business community need to get together and come up with some creative solutions in order to attract new consumers. The opportunity is there, the govt just needs to adapt to the times.

It really disturbs me because I love it here but I see it slowly turning into an Also-ran area.
" Jan 10, 12 12:12 PM

Developer Launches Online Petition For Remsenburg Subdivision

I see that 116 South Country Road is back on the market for more than $1mm than what Lawrence paid for it ($2.6mm and I believe it sold for $1.2mm 18 months ago). That's a pretty good chunk of change considering nothing has been done to improve the property.

This is all from memory so I can going ask for the exact sales history from my realtor friend.

" Feb 1, 12 4:02 PM

Some Residents Say They Support Remsenburg Subdivision Plan

If real estate values in the area were increasing (they are not) and properties were selling quickly (they are not) then adding inventory would make sense. Simple economic supply and demand seem to indicate that the area doesn't need more supply of real estate. If these new houses do not sell then it will drag down the value of other houses in Remsenburg. More supply and no demand require values to drop in order to establish equilibrium.

Lawrence can you present a business argument for adding more housing inventory to an area overloaded with existing properties on the market? What is it about your plan that enables you to overcome the challenge of oversupply?

HREO.com lists 125 houses for sale in Remsenburg (I am sure there are double listings). How many houses are there in Remsenburg total? My dartboard guess is 300-350. So roughly 30% of all houses in Remsenburg are for sale and 'days on market' are extremely high.

If you owned a restaurant and the number of patrons was on the decline would you expand the number of tables in the dining room?

If the number of people visiting Las Vegas is shrinking would you want to build a big new casino right now?

" Feb 18, 12 6:39 PM

DoubleS- Thanks for the thoughtful reply. I too have no horse in this race other than being a resident of Remsenburg and not wanting to see a development begin with the best of intentions turning sour because of market conditions. I am not plugged into the local political scene here so that is not even on my radar concerning this issue.

I understand the risk element of business, but this is risk tied to the local real estate market which has been suffering for the past 4 years. I like it here but Remsenburg is not Sagaponack or Amagansett and people are not paying any price to own a piece of property here.

Lots of spec homes were built in the area over the past 5-6 years that have languished on the market and when they do sell it is for a substantially lowered price. For example, the house on the corner of South Country and Jagger has been for sale for 4 years and it finally has a sold sign on it. I'll be curious to see what it finally sold for.

" Feb 19, 12 7:56 PM